# Finance Act 2012, Paragraph 77


(1) Section 171C (elections under s.171A: insurance companies) is amended as follows.
(2) In subsection (2), for “section 440(3) of the Taxes Act” substitute “ section 118 of the Finance Act 2012 ”.
(3) In subsection (3)(b), for “part of that company's long-term insurance fund” substitute “ held for the purposes of the company's long-term business ”.
(4) In subsection (4), for the words from “as arising” to the end substitute “ for the purposes of section 210A (ring-fencing of losses) as a non-BLAGAB chargeable gain or (as the case may be) a non-BLAGAB allowable loss ”.
(5) Omit subsection (5).

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Source: https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/77 (the official version)
Page: https://openlegislation.uk/finance-act-2012/schedule-16/paragraph-77
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.